use Umodel/UEviewer for psychonauts2. (direct download link)
use fmodel.
version 4 is fine for audio, but for other things you might need to go back to version 3.
you can find detailed instructions at the bottom of the page, but first i have to include a script by Avis which sorts the audio files for you after conversion(google wem-wav or wem-ogg conversion).
script link.
original instructions by avis:
I've created a python 3 script that scrapes through the json and xml files and moves any unsorted audio data it has info on into their original folders. I also have backups of these files on the drive if you dont have them extracted yourself. there are actually duplicates of files between banks so this also deletes those if they're already in the sorted content folders, so keep that in mind.
I've included batch files but you need to have python 3 installed and in your PATH for those to work. there's 2 versions of the script, choose according to your audio files' extensions, then toss them and all the xml and json files in with your unsorted stuff and just let it run
(oh and this only works on a file if it hasn't been renamed at all so be careful)
glorious. ok, now here's some detailed fmodel instructions:
(NOTE: these instructions will cause a long extraction process that may take several hours, and will create several thousand audio files. make sure you have mastered time & space.)
if you are having trouble finding the extracted files, the default output directory will be something like: \FModel[exe location]\Output\Exports\Psychonauts2\Content\WwiseAudio\Windows\English(US)